OPEC is a group of oil-producing nations formed in 1960. It aims to coordinate oil policies, stabilize prices, and ensure a steady supply of oil. Members work together to control oil production and influence global prices, benefiting both producers and consumers. OPEC’s role is key in the global energy market, balancing production levels and promoting fair pricing to support economic stability for oil-exporting countries.
The Organization of Petroleum Exporting Countries (OPEC) scaled back its crude oil output in March, reducing production by 110,000 barrels per day (bpd) to an average of 27.43 million bpd,…